MCX Nickel April 2017: Further Weakness Is Below 600

MCX Nickel April 2017: Further Weakness Is Below 600MCX Nickel (Price figures below are in Rs/INR per Kg)

Traders short and holding the same can maintain the stop loss of 629.

Further weakness is below 600.

sell is below 600 with high of the day stop loss or 608 whichever is higher.

TREND INFORMATION WITH INTRA-DAY LEVELS

STRATEGY

CLOSE

DRV

TREND*

Trend Price

Trend Date

L1

L2

CP

L3

L4

Hold Short

612.80

644.95

DOWN

654.1

6.04

590.20

604.60

610.80

619.00

633.40

*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV

PRICE, VOLUME AND OPEN INTEREST STRATEGY

Last Close

Price G/L%

Volume

V -G/L%

Open Interest

OI -G/L %

Candle

Position

612.8

0.9

8984750

10.7

35859

-1.2

Positive

Unwinding

TECHINCAL INDICATORS TABLE

RSI

1-ROC-RSI

Stochastic

1-ROC-Stochastic

MACD

1-ROCMACD

RS

1-ROCRS

32.34

10.87

16.97

83.99

-18.25

-1.03

29.01

8.87

Note: UP Green= Shows Up Trend as Close > DRV (Pink Line), DN Red= Shows Down Trend as Close < DRV(Pink Line), Red Color Bar= Down Trend + Bandwidth Is Rising, Green Color Bars= Up Trend + Bandwidth Is Rising, Blue Color Bars= Sideways(Trend could be up or down + Bandwidth is falling), Pink Color line= DRV, V marked= Increase in Volume in relation to last few days. Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV. Bandwidth Indicator= Helps to determine directional speed in the direction of the trend. Falling Bandwidth would indicates loss of momentum being witnessed or likely to be witnessed. Sideways movement may emerge or upside or downside could be locked until Bandwidth does not turn up. Rising Bandwidth can bring about directional momentum.

Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.